Nissin Food Shelves Deal
With Salim Over Indofood

SINGAPORE -- Indonesia's Salim Group saw one part of its restructuring plan unravel as Nissin Food Products Co. of Japan dropped plans to buy 30% of its huge instant-noodle maker, PT Indofood Sukses Makmur , after some Indofood creditors failed to approve the deal.

However, the debt-ridden conglomerate also agreed to sell its Singapore property assets to a Philippine tycoon. And a Salim executive in Jakarta said the group's rebuilding plan "is progressing pretty well." Indofood reported a return to profitability,...